Original-Research: Advanced Blockchain AG - from GBC AG 20.11.2024 / 14:45 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of GBC AG to Advanced Blockchain AG Company Name: Advanced Blockchain AG ISIN: DE000A0M93V6   Reason for the research: Research Comment Recommendation: Kaufen Target price: 10.75 EUR Target price on sight of: 31.12.2025 Last rating change: Analyst: Matthias Greiffenberger, Marcel Goldmann Valuation update: Successful peaq Token Launch Leads to Reassessment of Portfolio Position In our most recent valuation of Advanced Blockchain AG on November 11, 2025, we intentionally refrained from preempting the outcome of the peaq token launch, opting instead to wait and observe its development. Historically, token launches tend to be highly volatile, which was why our previous assessment was published prior to the launch. Many tokens typically experience price declines of up to 80% shortly after launch, as early investors liquidate their positions. Accordingly, we sought to base our conclusions on the actual market response. The peaq token was ultimately listed at a price of $0.50 but subsequently settled at approximately $0.25. Nevertheless, the token has demonstrated relative stability compared to similar projects, significantly outperforming the expected benchmark trends. This stabilization now allows for a well-founded reassessment. As of the last Top-15 portfolio evaluation on June 30, 2024, Advanced Blockchain AG held 88,056,000 peaq tokens. ABAG acquired these tokens at minimal costs through its incubation activities. Following the launch, at a price of $0.25 per token, their value is now approximately $22.01 million USD or €20.80 million (exchange rate: 1 USD = 0.944849 EUR, as of November 19, 2024, 14:50 UTC). In our view, this represents a significant value increase of around $15.03 million USD (€14.22 million). Although the peaq tokens are subject to a lockup agreement until Q3 2025, they can be utilized for staking during this period. Token staking involves cryptocurrency holders locking their tokens in a wallet to support the network, such as by validating transactions or providing liquidity. In return, they receive rewards in the form of additional tokens. Advanced Blockchain AG plans to actively stake its peaq tokens to generate additional tokens. This approach could enhance token yields during the lockup phase and further improve the company's return on capital. With 3.79 million outstanding shares, the value increase of €14.22 million results in a NAV rise of approximately €3.75 per share. Consequently, based on our previous price target of €7.00, the new price target is €10.75 per share. Overall, we continue to view the company as excellently positioned, with a solid liquidity base. As of June 30, 2024, the parent company held liquid assets of approximately €1.62 million. According to management, liquid assets at the group level amounted to around €2 million as of the same date. Additionally, the investment subsidiary holds a range of tokens that can be liquidated mid-term, ensuring additional financial flexibility. Given the significant upside potential, we maintain our Buy rating. You can download the research here: http://www.more-ir.de/d/31393.pdf Contact for questions: GBC AGHalderstraße 2786150 Augsburg0821 / 241133 0research@gbc-ag.de++++++++++++++++Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:https://www.gbc-ag.de/de/Offenlegung+++++++++++++++Date (time) of completion: 20.11.2024 (14:00) Date (time) of first publication: 20.11.2024 (14:45) The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2034935  20.11.2024 CET/CEST

Original-Research: UmweltBank AG - from GBC AG 15.11.2024 / 10:01 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of GBC AG to UmweltBank AG Company Name: UmweltBank AG ISIN: DE0005570808   Reason for the research: Research Comment Recommendation: Buy Target price: EUR 10.00 Target price on sight of: 31.12.2025 Last rating change: Analyst: Cosmin Filker, Marcel Goldmann Nine months 2024: operating performance in line with expectations; sharp increase in interest result expected from 2025 For the current financial year 2024, UmweltBank AG has started to report the most important key figures on a quarterly basis for the first time. Even though the Q3 figures presented here are missing a comparable figure from the previous year, they still provide a good interim status for the current financial year. After nine months, UmweltBank AG reports net interest income of €28.80 million and is thus well on track to achieve the expected increase over the previous year's figure for the year as a whole. The basis for the increase in net interest income during the year lies, on the one hand, in the rise in customer deposits to €3.7 billion (31 December 2020: €2.8 billion), which were invested in a higher interest rate environment at higher interest rates. In addition, legacy treasury holdings were reinvested, which, according to the company, accounts for a difference of up to 100 basis points. Although the company recorded new lending business of €115 million in the first three quarters, the total volume of loans fell to €3.50 billion (31 December 2023: €3.72 billion) due to repayments and redemptions. Net interest income is therefore likely to have benefited in particular from the reallocation of own investments and the investment of customer deposits. At the same time, the credit institution reported a financial result of €18.10 million after nine months of 2024. This includes the sale of a total of six wind farm investments and two real estate investments. In principle, UmweltBank AG plans to sell its investment portfolio in the next three financial years in order to release equity. Further investment disposals are planned for the fourth quarter, although the expected income from these cannot yet be quantified. Together with commission and trading income of €3.10 million, the company reports total income of around €50 million after nine months. This is offset by total expenses of €45.4 million. The expenses also include increased expenses in connection with investments in marketing and IT. According to the company, expenses in the range of €7-10 million are expected to be of a one-off nature by the end of the 2024 financial year. Earnings before taxes as of 30 September 2024 were €3.6 million. With the publication of the Q3 figures for 2024, the management of UmweltBank confirmed the guidance, according to which a pre-tax result between € -5 million and € -10 million is to be achieved for the current financial year 2024. Total income of around €70m is expected to be offset by total expenses of around €75m (including the bank deposit). In the coming financial year 2025, an improvement in total income should even be accompanied by a decline in total expenses, which should lead to a significantly positive pre-tax result again. During the presentation of the Q3 figures, UmweltBank's CEO Dietmar von Blücher showed how net interest income should benefit from the repositioning in treasury. In particular, new investments at better conditions should improve net interest income in the 2025 financial year to between €65 million and €70 million, an increase of over €20 million compared to the previous year. By contrast, the financial result, which is still benefiting in the current financial year from a high contribution from the sale of investments, is expected to decline. Although the company still plans to gradually reduce its investment portfolio, it is not possible at present to forecast the expected contribution to earnings. In our adjusted forecasts, we take into account a stronger development of the interest result, particularly for the estimate years 2025 and 2026, but at the same time reduce our forecasts of the financial result. Overall, we expect total income to increase from €57.33m (2023) to €70.74m (2024e), €77.97m (2025e) and €87.13m (2026e). As we expect costs to rise at a disproportionately low rate from 2025, UmweltBank AG should return to profit. On the basis of the adjusted valuation according to the residual income model, we have determined a new fair value of €10.00 (previously: €9.63). We are maintaining our BUY rating. You can download the research here: http://www.more-ir.de/d/31323.pdf Contact for questions: GBC AGHalderstraße 2786150 Augsburg0821 / 241133 0research@gbc-ag.de++++++++++++++++Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (1,4,5a,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: https://www.gbc-ag.de/de/Offenlegung+++++++++++++++Date (time) Completion: 15.11.24 (7:30 am)Date (time) first transmission: 15.11.24 (10:00 am) The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2030711  15.11.2024 CET/CEST

Original-Research: Reply S.p.A. - from GBC AG 12.11.2024 / 11:01 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of GBC AG to Reply S.p.A. Company Name: Reply S.p.A. ISIN: IT0005282865   Reason for the research: GBC Italian Champions Recommendation: BUY Target price: EUR 170.00 Target price on sight of: 31.12.2025 Last rating change: Analyst: Cosmin Filker, Matthias Greiffenberger, Marcel Goldmann, Marcel Schaffer, N. Ripplinger, E. Geßwein Dear investors, For the second year in a row, we have selected 13 Italian small and mid-caps that we consider to be particularly promising as part of GBC’s “Italian Champions” study. As in the previous year, our selection is highly diversified across a range of sectors and covers a broad spectrum of market capitalisations, ranging from €32 million to €5.3 bn. Eight companies from last year's study have been included in this year's selection, leaving us with five new investment ideas. Over the past twelve months, the fundamental market environment for German equities has deteriorated even further, which is why we are more convinced than ever that it can be worthwhile to look across the border. One trend cannot be overlooked: the capital market no longer seems to be an attractive option for German companies. On the contrary, the easy option of delisting has led to a decline in the number of listed companies in recent years. By contrast, a look at the Milan stock exchange and, thus, the Italian capital market shows a completely opposite development. While a total of 18 companies were listed on the Milan stock exchange in 2023, only three IPOs took place in Germany. The greater willingness of Italian companies to go public is likely due, among other things, to structural advantages. These include, for example, multiple voting rights, which enable better control of the founders and good takeover protection. For medium-sized companies in particular, this is a good argument in favour of a capital market orientation. In addition, issuers can benefit from tax advantages when going public. The high value placed on equities can also be seen from the planned investment initiative Fondo Nazionale Strategico. A total of € 1.0 billion is to be invested in a targeted manner in medium-sized and smaller Italian companies under a new fund of funds proposed by the state investment bank Cassa Depositi e Prestiti (CDP). Even though the fund is aimed at institutional investors and qualified private investors, it is expected that the increased market liquidity and the generally higher demand for ‘second-tier’ stocks could prove to be a price driver for these stocks. Which is why, on the following pages, we would like to present you, dear investor, with the GBC-Best of Italy 2024 selection. A series of promising companies from a variety of sectors with attractive valuations that, in our view, could be an attractive addition to a portfolio. B&C Speakers S.p.A. (ISIN: IT0001268561) Banca Ifis Group (ISIN: IT0003188064) Cembre S.p.A. (ISIN: IT0001128047) Energy S.p.A (ISIN: IT0005500712) Franchetti S.p.A. (ISIN: IT0005508574) IDNNT SA (ISIN: CH1118852594) Lindbergh S.p.A. (ISIN: IT0005469272) Redfish S.p.A. (ISIN: IT0005549354) Reply S.p.A. (ISIN: IT0005282865) Sanlorenzo S.p.A. (ISIN: IT0003549422) Solid World Group S.p.A. (ISIN: IT0005497893) Somec S.p.A. (ISIN: IT0005329815) Zignago Vetro S.p.A. (ISIN: IT0004171440) We wish you an exciting read and successful investments, Cosmin Filker Deputy Chief Analyst You can download the research here: http://www.more-ir.de/d/31283.pdf Contact for questions: GBC AGHalderstraße 2786150 Augsburg0821 / 241133 0research@gbc-ag.de++++++++++++++++Disclosure of potential conflicts of interest in accordance with Section 85 WpHG and Art. 20 MAR The following potential conflict of interest exists at the company analysed above: (see individual studies); a catalogue of potential conflicts of interest can be found at:https://www.gbc-ag.de/de/Offenlegung+++++++++++++++Editorial deadline: 04.11.2024Date and time of completion of the report: 11.11.2024 (3:09 pm)Date and time of the first disclosure of the research report: 12.11.2024 (11:00 am) The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2027695  12.11.2024 CET/CEST

Original-Research: Advanced Blockchain AG - from GBC AG 12.11.2024 / 10:01 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of GBC AG to Advanced Blockchain AG Company Name: Advanced Blockchain AG ISIN: DE000A0M93V6   Reason for the research: Research Report (Note) Recommendation: Buy Target price: 7.00 EUR Target price on sight of: 31.12.2025 Last rating change: Analyst: Matthias Greiffenberger, Marcel Goldmann More transparent reporting planned Under the leadership of the new executive board, consisting of Hatem Elsayed (COO) and Maik Laske (future CFO), the company is undergoing an exciting strategic realignment focused on transparency, sustainable growth, and long-term trust. As part of a comprehensive restructuring, Advanced Blockchain is currently intensively reviewing its financial and governance processes to establish a solid and reliable foundation for the years ahead. The goal is to present consolidated group financial statements based on audited figures from previous years, thereby strengthening trust among investors and stakeholders. Although a complete group half-year financial statement for 2024 cannot be provided at the annual general meeting on December 4, 2024, due to ongoing audits of the 2021–2023 fiscal years, the company has already made clear progress towards more transparent and robust financial reporting. By 2025, the strategic direction will be further strengthened to establish the company as a leading player and trusted “go-to partner” in the cryptocurrency and blockchain technology sectors. This includes increased participation in investor and industry conferences, as well as a targeted communication strategy to expand market presence and attract new investors. A central focus for the management is to create a reliable foundation for future financial reports. The company plans to present a complete and audited annual report for 2024 by the first half of 2025, based on adjusted and verified figures from the 2021–2023 periods. These actions represent a critical step towards higher compliance and governance standards and are an essential component of the new strategic direction. The comprehensive review of financial statements will ensure that future reports meet the highest standards of transparency and accuracy. Advanced Blockchain AG plans to strengthen its portfolio management by sharpening its strategic focus and expanding its existing network to make promising early-stage investments in innovative cryptocurrency and blockchain projects. In addition to capital, the company will provide its portfolio companies with strategic advice and access to a comprehensive network of experts to maximize their success potential. These investments are aimed not only at creating long-term growth potential and sustainable value but also at further establishing the company as a pioneer in supporting new blockchain initiatives. Through this approach, Advanced Blockchain AG opens up access to Web3 and blockchain investments for all, offering innovative, forward-thinking investment opportunities in the next generation of digital technologies. To further strengthen its positioning, Advanced Blockchain AG plans to sustainably increase its visibility with investors and stakeholders through continued participation in relevant investor and industry events and a clear, transparent communication strategy. This should help solidify trust in the company and enhance its attractiveness for future investments. As part of the publication of the consolidated financial statements and enhanced transparency for the entire portfolio, we plan to reassess the portfolio comprehensively, to provide a clear view of additional investments. With a current valuation of €27.87 million, and deducting holding costs of €1.35 million, the company’s valuation comes to €26.52 million. With 3.79 million shares outstanding, this results in a per-share value of €7.00 (previously €17.64). Due to the significant upside potential, we assign a 'Buy' rating. You can download the research here: http://www.more-ir.de/d/31267.pdf Contact for questions: GBC AGHalderstraße 2786150 Augsburg0821 / 241133 0research@gbc-ag.de++++++++++++++++Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:http://www.gbc-ag.de/de/Offenlegung+++++++++++++++Datum (Uhrzeit) Fertigstellung: 11.11.2024 (14:00) Datum (Uhrzeit) erste Weitergabe: 12.11.2024 (10:00) The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2027151  12.11.2024 CET/CEST

Original-Research: Cenit AG - from GBC AG 07.11.2024 / 10:01 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of GBC AG to Cenit AG Company Name: Cenit AG ISIN: DE0005407100   Reason for the research: Research Comment Recommendation: Buy Target price: EUR 22.00 Target price on sight of: 31.12.2025 Last rating change: Analyst: Cosmin Filker, Marcel Goldmann 9M 2024: Sales benefit from inorganic growth, earnings weighed down by one-off effects, guidance and our forecasts reduced, price target lowered to €22.00, Rating: BUY Both organic and inorganic effects contributed to the 13.6 % increase in CENIT AG's revenue to €151.43 million (previous year: €133.31 million) in the first nine months of 2024. The companies CCE GmbH (acquired on 3 January 2024) and Analysis Prime LLC (acquired on 17 July 2024), which were acquired in the current financial year 2024 alone, have contributed revenue of €7.52 million since joining the group. Adjusted for the contributions of the two companies and for the base effect of the companies acquired in the previous year, which are now included for the full reporting period, organic growth was 4.3 %, close to the company's target of 5.0 %.  The increase in sales revenue was offset by a decline in EBIT to €3.97 million (previous year: €4.60 million) and thus in the EBIT margin to 2.6% (previous year: 3.5%). This is mainly due to the acquisition-related expenses and the associated sharp increase in depreciation on acquired assets. While depreciation increased by €1.36 million, the acquisition costs amounted to €0.82 million. In addition, there was a negative one-off effect (€0.87 million) from the deconsolidation of the Japanese subsidiary. Adjusted for the special effects, CENIT AG would have achieved an increase in EBIT to €4.67 million (previous year: €3.95 million). Despite the significant decline in EBIT, CENIT AG again generated a high cash flow from operating activities of €9.91 million (previous year: €8.50 million). This covered a significant portion of the purchase price for the two corporate acquisitions (€13.96 million). Together with the repayment of bank liabilities, the company continues to have sufficient cash and cash equivalents of €12.18 million. In the run-up to the publication of the nine-month report, CENIT's management adjusted its forecast. On the sales side, the contribution of the acquired Analysis Prime was included in the guidance for the first time, with the company expecting sales of € 205 - 210 million (previously: € 197 - 202 million). However, adjusted for the inorganic effect, this corresponds to a slight reduction in the guidance, as the originally expected revenue contribution of Analysis Prime of USD 11.5 million (€10.6 million) would have led to a new guidance of €207.6 - 212.6 million. According to the company, this is due to the current weak demand from the automotive and aerospace industries, which is likely to lead to lower demand for single licences in the fourth quarter of 2024. However, delays in the start of the Analysis Prime order have also led to a reduction in revenue expectations at this company. The expected gross profit loss of around €7m coincides with extraordinary expenses that have already been incurred and higher depreciation (PPA depreciation), meaning that the company expects EBIT to fall to between €8.0m and €8.5m. We are adjusting our forecasts to the new guidance and, on this basis, are reducing our forecasts for the coming financial years. The full-year inclusion of Analysis Prime, the cost-cutting measures introduced and the absence of one-off effects should lead to a revenue increase and a significant improvement in the EBIT margin in the coming financial year 2025. This trend should continue into 2026. On the basis of the adjusted forecasts, we have set a new price target of €22.00 (previously: €24.15). We continue to issue a BUY rating. You can download the research here: http://www.more-ir.de/d/31203.pdf Contact for questions: ++++++++++++++++Disclosure of potential conflicts of interest pursuant to Section 85 WpHG and Art. 20 MAR The company analysed above has the following potential conflict of interest: (5a,6a,7,11); A catalogue of potential conflicts of interest can be found at:https://www.gbc-ag.de/de/Offenlegung.htm+++++++++++++++Date and time of completion of the study: 07/11/24 (08:21 am)Date and time of the first dissemination of the study: 07/11/24 (10:00 am) The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2024405  07.11.2024 CET/CEST

Original-Research: Aspermont Ltd. - from GBC AG 24.10.2024 / 10:30 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of GBC AG to Aspermont Ltd. Company Name: Aspermont Ltd. ISIN: AU000000ASP3   Reason for the research: Research Report (Note) Recommendation: Buy Target price: 0.02 EUR Target price on sight of: 30.09.2025 Last rating change: Analyst: Julien Desrosiers, Matthias Greiffenberger Preliminary Figures: H2 2024 better than first half – Revenues returned to growth; Recurring Revenues are growing YoY On October 14th, Aspermont published its Q4 and H2 2024 preliminary financial results. The main three highlights are as follow: the Company underlined that in H2 2024, their revenues returned to growth, their business returned to profitability and their cash reserves balanced with inward investment. Aspermont has skillfully managed its cash reserves, balancing inward investment in its Data business with maintaining cash liquidity. As of the most recent quarter, the company holds $1.4 million in cash and cash equivalents, positioning it well to continue investing in growth initiatives and push products rollout. The company stands at a pivotal moment in its 189-year history as the leading media services provider to the global resource industries. With a solid business model transformation over the past decade and a continued focus on subscriptions, data monetization, and content-as-a-service (CaaS), the company is well-positioned for substantial growth. Aspermont has undergone a significant transformation over the past eight years, transitioning from a traditional media company to a highly scalable, digital-first B2B media provider. Central to its success has been the strategic shift toward a subscription-based revenue model, which now accounts for over 55% of its total revenue. The company’s Content-as-a-Service (CaaS) model not only addresses information gaps in the mining, energy, and agriculture sectors but also unlocks new avenues for revenue by monetizing specialized content. This model allows Aspermont to provide tailored, gated content, including news, research, analysis, and data, to a growing global audience. The company’s emphasis on building high-recurring revenue from subscriptions has resulted in 33 consecutive quarters of growth, with impressive 17% compound annual growth in Average Revenue Per Unit (ARPU). Aspermont is at an inflection point in its history. The strategic initiatives laid out over the past two years, including the shift toward data monetization and a stronger focus on high-value subscriptions, are beginning to bear fruit. With an established global presence, a highly scalable digital model, and a growing portfolio of data products, the company is well-positioned for sustainable growth in the coming years. The next 3-5 years will be critical as Aspermont seeks to expand its market share, increase ARPU, and fully commercialize its Data division. We will closely monitor the execution of new product rollouts and the company’s ability to penetrate key geographic markets. With careful management of resources and continued innovation, Aspermont could become a dominant player not just in B2B media for resource sectors but also in global data and intelligence services. Based on our DCF model, we maintain our price target to AUD 0.03 / 0.02 EUR per share and maintain a buy rating. You can download the research here: http://www.more-ir.de/d/31107.pdf Contact for questions: GBC AGHalderstraße 2786150 Augsburg0821 / 241133 0research@gbc-ag.de++++++++++++++++Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:https://www.gbc-ag.de/de/Offenlegung+++++++++++++++Date and time of completion of this research: 24.10.2024 (09:04 am)Date and time of first distribution: 24.10.2024 (10:30 am) The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2015305  24.10.2024 CET/CEST

Original-Research: Aspermont Ltd. - from GBC AG 04.10.2024 / 10:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of GBC AG to Aspermont Ltd. Company Name: Aspermont Ltd. ISIN: AU000000ASP3   Reason for the research: Research Report (Note) Recommendation: Buy Last rating change: 0.07 AUD Analyst: Julien Desrosiers, Matthias Greiffenberger Resurgence in Growth Following Challenging 2024 Half-Year Results. Strategic Recruitment of Renowned Top Executives and Leadership. Forecast Prioritizes Quality Revenue. Rebound After a Challenging H1 2024: Despite early setbacks, Aspermont capitalized on its strategic investments in high-growth sectors to achieve a strong performance turnaround. Strong Cash Position: The company maintains a healthy net liquidity of $1.3 million as of Q3 2024. Year-on-Year Revenue Growth: Total revenue for Q3 2024 rose to $5.0 million, marking a 20% increase compared to the previous year. Competitive Advantage: While competitors have faced significant losses in recent quarters, Aspermont's robust performance underscores its position of strength. Operational Agility: Aspermont’s decentralized structure and scalable workforce continue to be key strengths, enabling swift product launches while managing investment risks, as evidenced by the increase in net asset liquidity. Completing technological turnaround: The company will be shifting from revenue quantity to revenue quality in order to reach net profit equilibrium and start posting posting profits in FY2025. Based on our DCF model, we revise our price target to AUD 0.03 / 0.02 EUR per share (down from AUD 0.07) and maintain a buy rating. You can download the research here: http://www.more-ir.de/d/30985.pdf Contact for questions: GBC AGHalderstraße 2786150 Augsburg0821 / 241133 0research@gbc-ag.de++++++++++++++++Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:https://www.gbc-ag.de/de/Offenlegung+++++++++++++++Date and time of completion of this research: 02.10.2024 (03:00 pm) Date and time of first distribution: 04.10.2024 (10:00 am) The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 2000843  04.10.2024 CET/CEST

Original-Research: Desert Gold Ventures Inc. - from GBC AG 19.09.2024 / 06:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of GBC AG to Desert Gold Ventures Inc. Company Name: Desert Gold Ventures Inc. ISIN: CA25039N4084   Reason for the research: Management interview Recommendation: BUY Target price: 0.311 USD Target price on sight of: 31.12.2025 Last rating change: Analyst: Matthias Greiffenberger, Marcel Schaffer 'This is a huge opportunity for mining investors paying attention to Mali as valuations are only just starting to reflect the more positive reality on the ground.' In this interview, GBC AG speaks with Jared Scharf, CEO of Desert Gold Ventures, a prominent gold exploration company with a focus on West Africa, particularly Mali. Recent developments in Mali’s mining sector, including key government approvals for major players like Allied Gold and B2Gold, have led to a optimistic market outlook for the region. Scharf provides insight into Desert Gold Ventures' strategic position in this evolving regulatory landscape and how the company is well-positioned to capitalize on this momentum. He discusses potential synergies with neighboring mining giants such as Barrick Gold, the impact of rising gold prices on their strategy, and the company’s long-term exploration and development goals. Additionally, our recently published research report assigns a target price of USD 0.311 (CAD 0.425; EUR 0.29) with a buy rating, highlighting the significant upside potential compared to the current share price (https://www.more-ir.de/d/30341.pdf). Scharf also explains how Desert Gold Ventures plans to leverage its strategic location and improving investor sentiment to create lasting value for shareholders. GBC AG: Mr. Scharf, with the recent announcements from Allied Gold and B2Gold regarding their mining activities in Mali and the government's support, how do you view the current regulatory environment for mining operations in the country? Jared Scharf: These are material break throughs for both companies that cannot be understated and the market is reacting accordingly with both company’s stock moving materially higher. Moving forward this provides a precedent, clear understanding and framework for mining companies and investors that even with the recent challenges of the last few years, the Malian government is supportive of the mining industry and its stake holders. This is a huge opportunity for mining investors paying attention to Mali as valuations are only just starting to reflect the more positive reality on the ground. I think the market was overly pessimistic regarding Mali. Companies like B2, Allied and ourselves have been oversold as a result in my opinion. With the recent positive news coming out of Mali, I think a lot of those concerns have been put to rest. I expect the situation will continue to improve for investors who hold positions in Mali based mining stocks. GBC AG: The market has responded positively to these developments, as reflected in the rising stock prices. How do you believe Desert Gold Ventures is positioned to capitalize on this momentum in the Malian mining sector? Jared Scharf: Desert Gold has been building its land position in Mali and developing its assets there since 2011. With so many geopolitical headwinds along the way, it hasn’t been an easy ride for our shareholders. I suspect however that this dynamic is changing as we speak and the worst is behind us. As the mining sector in country normalizes, both our exploration and mining initiatives will become more valuable. The gold price is also helping. GBC AG: Considering Barrick Gold's proximity to Desert Gold Ventures and their production hitting a 20-year low, do you see potential synergies or opportunities for collaboration between your companies? Jared Scharf: Barrick, like all mature mining companies, is constantly looking for opportunities to grow their economic resource base and replace their mining reserves. They typically do this by one of two ways; either through brownfield exploration near their existing mines or via acquisitions. Often times both. Desert Gold is strategically located in the heart of West Mali’s mining camp with Allied Gold bordering us to the north, Endeavour Mining bordering us to the south west and Barrick and B2 Gold along trend to the South. Given the regional size of our land package at 440 km2 and its location, I believe Desert Gold is a viable acquisition candidate for the bigger players in the region. Western Mali/Eastern Senegal has a long history of significant M&A transactions. GBC AG: What impact do you expect the recent mining permits granted by the Malian government to have on Desert Gold Ventures' exploration and development timelines? Jared Scharf: Generally speaking, I believe it shows a willingness on the Malian Government’s part to collaborate and compromise with Western Mining companies on a productive basis to achieve positive results for all stakeholders. I suspected that this was the case all along but I believe the capital markets had a much more pessimistic view in recent years. With the recent regulatory permitting breakthroughs with Allied and B2, I believe market sentiment will gradually improve for all companies operating in Mali. Our SMSZ project is fully supported by the Mali government and I do not expect any regulatory permitting issues. I note that in our 10 years in-country we haven’t had any. GBC AG: With increasing institutional focus on electrification and base metals, many miners are pivoting towards copper and other resources. How does Desert Gold Ventures balance the focus on gold while maintaining relevance in this shifting landscape? Jared Scharf: I’m somewhat skeptical regarding the narrative surrounding base metals and electrification. I think the market is too. Look at the lithium price for example. I do think the global economy is slowing down and could possibly even dip into recession in 2025. I’m not sure industrial metals will out-perform in that scenario. However monetary metals like gold typically do perform well in that scenario. I think in that context gold is a leading indicator for what is happening in the global economy. I don’t think this time will be any different. The macro environment reminds a lot of 2000/2001. GBC AG: Allied Gold and B2Gold have both recently received approvals for key mining phases. What lessons can Desert Gold Ventures take from their experiences to potentially expedite your own approvals and development phases? Jared Scharf: In our case we already have a fully permitted mining license where we plan to start our initial open pit. So no issues there. In terms of lessons learned, I think the biggest one is perseverance. When macro forces are working against you the best thing to do is focus on creating value even if that value isn’t yet acknowledged by the market. Have a plan and stick to it as best you can and focus on what you can control. In our case that has been continuing with our exploration initiatives and develop the mine to fast track into production. GBC AG: How does the rise in gold price influence your overall strategy for Desert Gold Ventures, particularly with regard to attracting investors and achieving production in the short to medium term? Jared Scharf: At the moment there is a huge disconnect between the value of our gold ounces in the ground at roughly $10 market cap per ounce and the spot price of gold at $2,500. My intention is to realize that value disconnect for our shareholders by mining those ounces. I believe as the bull market in precious metals matures, assets like ours will become more valuable which will make it much easier to attract capital in both the primary and secondary markets. From an economic perspective, a higher gold price means better margins which will no doubt positively impact the results of our mine study which will hopefully be finished before year end. The improved political situation in Mali should also help. GBC AG: Can you provide an update on Desert Gold Ventures' exploration results and how they may contribute to the broader gold production capacity in Mali? Jared Scharf: Even though the investment climate has been tough in Mali recently, we were still able to do a small 3,500 meter drill program in 2023. Results are still pending for roughly half the program. Initial results came out a month ago and were encouraging and supportive of our mining plan. I look forward to releases the next set of results and mine plan before year end. GBC AG: With investor sentiment improving due to Mali's proactive stance on mining, how do you plan to leverage this optimism to secure further investment or strategic partnerships for Desert Gold Ventures? Jared Scharf: To be honest with you I’ve seen many jurisdictions fall in and out of favor over the years. Mali has been out of favor for several years now, but it wasn’t always that way and now this is changing again. The work we do as a company does not change regardless of sentiment. The audience just becomes more receptive to our value proposition. Investors are opportunistic and I think they are seeing the opportunity in Mali because stock prices have been hit hard. The upside is obvious in the context of the gold market and improving situation in Mali. GBC AG: Given Desert Gold’s strategic location alongside major industry players like Barrick, Endeavour, B2Gold, and Allied, how does this geographical positioning provide a competitive advantage for Desert Gold Ventures? Do you see this proximity influencing your future development plans or potential partnerships? Jared Scharf: Yes, there are strategic advantages to our project location. There is the potential to leverage existing mining infrastructure close to us. Endeavour Mining and Allied Gold’s mining infrastructure is close enough to several of our deposits to look into possible JVs like toll milling etc. M&A is always more compelling for companies already operating in the district of their target. GBC AG: Finally, how do you see Desert Gold Ventures evolving in the next 5 to 10 years? What role do you envision your company playing in the Malian gold sector, and how will you differentiate your strategy from other players in the region? Jared Scharf: At the moment we are sitting on 1.1 million oz resource at our SMSZ project. There are 28 gold zones on the property and only 5 of them are incorporated into the existing resource. We will be updating the resource as part of the mine study and I’m hopeful we can incorporate additional resources from a new zone called Gourbassi West North. But the point is there are obvious ways to grow our current resource base. Ultimately what I envision for our SMSZ project is an emerging mining district within the Kenieba Window of Western Mali/Eastern Senegal. Our mine study envisions the development of two initial open pits to start. With continued exploration and development over time I believe we will bring on many more. Hopefully once we start mining in this area we’ll continue to do so for the next 30 years unless of course our shareholders are offered something better! GBC AG: Thank you for the interview. GBC conclusion from the research report: Desert Gold Ventures Inc. presents in our opinion an attractive investment opportunity due to its strategic location in a rich gold region, a significant resource base, and ongoing exploration efforts. The company’s SMSZ Project in Mali covers 440 km² along a prolific gold zone and contains over one million ounces of gold. The planned 30,000-meter drilling program in 2024 aims to expand resources and identify new targets. The Kenieba Window, part of the Birimian Greenstone Belt, is known for high-quality gold resources averaging 2.22 g/t and substantial market valuations. Recent acquisitions in this area have averaged 1.81 million ounces of gold at $66 per ounce. Desert Gold Ventures’ SMSZ Project, with 1.08 million ounces of gold at 1.14 g/t and valued at $9 per ounce, represents a notable opportunity. The project’s current market cap is about $10 million, but it could be valued at $71.4 million based on recent acquisition prices. After accounting for warrants and options, the equity valuation is $69.5 million. Due to Desert Gold's lower average grade compared to peers, a 50% discount is applied, resulting in a valuation of $35 million, or $0.155 per share. As the grade improves, the valuation is expected to increase. The company is also exploring the feasibility of a small heap leach mine, which could potentially generate substantial cash flow. Preliminary assessments suggest the mine could produce 15,000 to 20,000 ounces per year, with a potential annual free cash flow of $20 million. With a 70% discount applied to this project’s valuation, its contribution is $0.101 per share. Incorporating this with the overall valuation, our target price is $0.311 per share. Given the significant upside potential, we rate the stock as a BUY. You can download the research here: http://www.more-ir.de/d/30815.pdf Contact for questions: GBC AGHalderstraße 2786150 Augsburg0821 / 241133 0research@gbc-ag.de++++++++++++++++Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:https://www.gbc-ag.de/de/Offenlegung+++++++++++++++Completion Date (Time): 18.09.2024, 9:00am First Distribution Date (Time): 19.09.2024, 6:00am The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 1990829  19.09.2024 CET/CEST

Original-Research: Desert Gold Ventures Inc. - from GBC AG 19.09.2024 / 06:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of GBC AG to Desert Gold Ventures Inc. Company Name: Desert Gold Ventures Inc. ISIN: CA25039N4084   Reason for the research: Management interview Recommendation: BUY Target price: 0.311 USD Target price on sight of: 31.12.2025 Last rating change: Analyst: Matthias Greiffenberger, Marcel Schaffer 'This is a huge opportunity for mining investors paying attention to Mali as valuations are only just starting to reflect the more positive reality on the ground.' In this interview, GBC AG speaks with Jared Scharf, CEO of Desert Gold Ventures, a prominent gold exploration company with a focus on West Africa, particularly Mali. Recent developments in Mali’s mining sector, including key government approvals for major players like Allied Gold and B2Gold, have led to a optimistic market outlook for the region. Scharf provides insight into Desert Gold Ventures' strategic position in this evolving regulatory landscape and how the company is well-positioned to capitalize on this momentum. He discusses potential synergies with neighboring mining giants such as Barrick Gold, the impact of rising gold prices on their strategy, and the company’s long-term exploration and development goals. Additionally, our recently published research report assigns a target price of USD 0.311 (CAD 0.425; EUR 0.29) with a buy rating, highlighting the significant upside potential compared to the current share price (https://www.more-ir.de/d/30341.pdf). Scharf also explains how Desert Gold Ventures plans to leverage its strategic location and improving investor sentiment to create lasting value for shareholders. GBC AG: Mr. Scharf, with the recent announcements from Allied Gold and B2Gold regarding their mining activities in Mali and the government's support, how do you view the current regulatory environment for mining operations in the country? Jared Scharf: These are material break throughs for both companies that cannot be understated and the market is reacting accordingly with both company’s stock moving materially higher. Moving forward this provides a precedent, clear understanding and framework for mining companies and investors that even with the recent challenges of the last few years, the Malian government is supportive of the mining industry and its stake holders. This is a huge opportunity for mining investors paying attention to Mali as valuations are only just starting to reflect the more positive reality on the ground. I think the market was overly pessimistic regarding Mali. Companies like B2, Allied and ourselves have been oversold as a result in my opinion. With the recent positive news coming out of Mali, I think a lot of those concerns have been put to rest. I expect the situation will continue to improve for investors who hold positions in Mali based mining stocks. GBC AG: The market has responded positively to these developments, as reflected in the rising stock prices. How do you believe Desert Gold Ventures is positioned to capitalize on this momentum in the Malian mining sector? Jared Scharf: Desert Gold has been building its land position in Mali and developing its assets there since 2011. With so many geopolitical headwinds along the way, it hasn’t been an easy ride for our shareholders. I suspect however that this dynamic is changing as we speak and the worst is behind us. As the mining sector in country normalizes, both our exploration and mining initiatives will become more valuable. The gold price is also helping. GBC AG: Considering Barrick Gold's proximity to Desert Gold Ventures and their production hitting a 20-year low, do you see potential synergies or opportunities for collaboration between your companies? Jared Scharf: Barrick, like all mature mining companies, is constantly looking for opportunities to grow their economic resource base and replace their mining reserves. They typically do this by one of two ways; either through brownfield exploration near their existing mines or via acquisitions. Often times both. Desert Gold is strategically located in the heart of West Mali’s mining camp with Allied Gold bordering us to the north, Endeavour Mining bordering us to the south west and Barrick and B2 Gold along trend to the South. Given the regional size of our land package at 440 km2 and its location, I believe Desert Gold is a viable acquisition candidate for the bigger players in the region. Western Mali/Eastern Senegal has a long history of significant M&A transactions. GBC AG: What impact do you expect the recent mining permits granted by the Malian government to have on Desert Gold Ventures' exploration and development timelines? Jared Scharf: Generally speaking, I believe it shows a willingness on the Malian Government’s part to collaborate and compromise with Western Mining companies on a productive basis to achieve positive results for all stakeholders. I suspected that this was the case all along but I believe the capital markets had a much more pessimistic view in recent years. With the recent regulatory permitting breakthroughs with Allied and B2, I believe market sentiment will gradually improve for all companies operating in Mali. Our SMSZ project is fully supported by the Mali government and I do not expect any regulatory permitting issues. I note that in our 10 years in-country we haven’t had any. GBC AG: With increasing institutional focus on electrification and base metals, many miners are pivoting towards copper and other resources. How does Desert Gold Ventures balance the focus on gold while maintaining relevance in this shifting landscape? Jared Scharf: I’m somewhat skeptical regarding the narrative surrounding base metals and electrification. I think the market is too. Look at the lithium price for example. I do think the global economy is slowing down and could possibly even dip into recession in 2025. I’m not sure industrial metals will out-perform in that scenario. However monetary metals like gold typically do perform well in that scenario. I think in that context gold is a leading indicator for what is happening in the global economy. I don’t think this time will be any different. The macro environment reminds a lot of 2000/2001. GBC AG: Allied Gold and B2Gold have both recently received approvals for key mining phases. What lessons can Desert Gold Ventures take from their experiences to potentially expedite your own approvals and development phases? Jared Scharf: In our case we already have a fully permitted mining license where we plan to start our initial open pit. So no issues there. In terms of lessons learned, I think the biggest one is perseverance. When macro forces are working against you the best thing to do is focus on creating value even if that value isn’t yet acknowledged by the market. Have a plan and stick to it as best you can and focus on what you can control. In our case that has been continuing with our exploration initiatives and develop the mine to fast track into production. GBC AG: How does the rise in gold price influence your overall strategy for Desert Gold Ventures, particularly with regard to attracting investors and achieving production in the short to medium term? Jared Scharf: At the moment there is a huge disconnect between the value of our gold ounces in the ground at roughly $10 market cap per ounce and the spot price of gold at $2,500. My intention is to realize that value disconnect for our shareholders by mining those ounces. I believe as the bull market in precious metals matures, assets like ours will become more valuable which will make it much easier to attract capital in both the primary and secondary markets. From an economic perspective, a higher gold price means better margins which will no doubt positively impact the results of our mine study which will hopefully be finished before year end. The improved political situation in Mali should also help. GBC AG: Can you provide an update on Desert Gold Ventures' exploration results and how they may contribute to the broader gold production capacity in Mali? Jared Scharf: Even though the investment climate has been tough in Mali recently, we were still able to do a small 3,500 meter drill program in 2023. Results are still pending for roughly half the program. Initial results came out a month ago and were encouraging and supportive of our mining plan. I look forward to releases the next set of results and mine plan before year end. GBC AG: With investor sentiment improving due to Mali's proactive stance on mining, how do you plan to leverage this optimism to secure further investment or strategic partnerships for Desert Gold Ventures? Jared Scharf: To be honest with you I’ve seen many jurisdictions fall in and out of favor over the years. Mali has been out of favor for several years now, but it wasn’t always that way and now this is changing again. The work we do as a company does not change regardless of sentiment. The audience just becomes more receptive to our value proposition. Investors are opportunistic and I think they are seeing the opportunity in Mali because stock prices have been hit hard. The upside is obvious in the context of the gold market and improving situation in Mali. GBC AG: Given Desert Gold’s strategic location alongside major industry players like Barrick, Endeavour, B2Gold, and Allied, how does this geographical positioning provide a competitive advantage for Desert Gold Ventures? Do you see this proximity influencing your future development plans or potential partnerships? Jared Scharf: Yes, there are strategic advantages to our project location. There is the potential to leverage existing mining infrastructure close to us. Endeavour Mining and Allied Gold’s mining infrastructure is close enough to several of our deposits to look into possible JVs like toll milling etc. M&A is always more compelling for companies already operating in the district of their target. GBC AG: Finally, how do you see Desert Gold Ventures evolving in the next 5 to 10 years? What role do you envision your company playing in the Malian gold sector, and how will you differentiate your strategy from other players in the region? Jared Scharf: At the moment we are sitting on 1.1 million oz resource at our SMSZ project. There are 28 gold zones on the property and only 5 of them are incorporated into the existing resource. We will be updating the resource as part of the mine study and I’m hopeful we can incorporate additional resources from a new zone called Gourbassi West North. But the point is there are obvious ways to grow our current resource base. Ultimately what I envision for our SMSZ project is an emerging mining district within the Kenieba Window of Western Mali/Eastern Senegal. Our mine study envisions the development of two initial open pits to start. With continued exploration and development over time I believe we will bring on many more. Hopefully once we start mining in this area we’ll continue to do so for the next 30 years unless of course our shareholders are offered something better! GBC AG: Thank you for the interview. GBC conclusion from the research report: Desert Gold Ventures Inc. presents in our opinion an attractive investment opportunity due to its strategic location in a rich gold region, a significant resource base, and ongoing exploration efforts. The company’s SMSZ Project in Mali covers 440 km² along a prolific gold zone and contains over one million ounces of gold. The planned 30,000-meter drilling program in 2024 aims to expand resources and identify new targets. The Kenieba Window, part of the Birimian Greenstone Belt, is known for high-quality gold resources averaging 2.22 g/t and substantial market valuations. Recent acquisitions in this area have averaged 1.81 million ounces of gold at $66 per ounce. Desert Gold Ventures’ SMSZ Project, with 1.08 million ounces of gold at 1.14 g/t and valued at $9 per ounce, represents a notable opportunity. The project’s current market cap is about $10 million, but it could be valued at $71.4 million based on recent acquisition prices. After accounting for warrants and options, the equity valuation is $69.5 million. Due to Desert Gold's lower average grade compared to peers, a 50% discount is applied, resulting in a valuation of $35 million, or $0.155 per share. As the grade improves, the valuation is expected to increase. The company is also exploring the feasibility of a small heap leach mine, which could potentially generate substantial cash flow. Preliminary assessments suggest the mine could produce 15,000 to 20,000 ounces per year, with a potential annual free cash flow of $20 million. With a 70% discount applied to this project’s valuation, its contribution is $0.101 per share. Incorporating this with the overall valuation, our target price is $0.311 per share. Given the significant upside potential, we rate the stock as a BUY. You can download the research here: http://www.more-ir.de/d/30815.pdf Contact for questions: GBC AGHalderstraße 2786150 Augsburg0821 / 241133 0research@gbc-ag.de++++++++++++++++Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:https://www.gbc-ag.de/de/Offenlegung+++++++++++++++Completion Date (Time): 18.09.2024, 9:00am First Distribution Date (Time): 19.09.2024, 6:00am The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 1990829  19.09.2024 CET/CEST

Original-Research: Verve Group SE - from GBC AG 09.09.2024 / 09:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of GBC AG to Verve Group SE Company Name: Verve Group SE ISIN: SE0018538068   Reason for the research: Research study (Note) Recommendation: BUY Target price: 6.60 EUR Last rating change: Analyst: Marcel Goldmann, Cosmin Filker HY1 2024: Dynamic sales development thanks to strong organic growth; disproportionately high earnings growth due to the onset of economies of scale and savings effects; GBC estimates and price target also raised following guidance increase Business performance in the first half of 2024 Verve Group SE (Verve) published its Q2 and half-year figures for the current financial year 2024 on 30 August 2024. In the first six months of the year, the ad-tech platform group continued its growth strategy at a high growth rate in the context of a further recovery in the advertising industry and was able to grow significantly faster than the industry as a whole. Group digital revenue increased dynamically by 23.5% year-on-year to € 179.04 million (HY1 2023: € 144.93 million). The positive Group sales performance was primarily driven by the high-volume Supply Side Platform business unit with a significant increase in segment sales of 28.1% to € 167.64 million (HY1 2023: € 130.84 million). By contrast, revenue in the essentially smaller DSP business area, which was significantly strengthened and expanded by this year's Jun acquisition (takeover in June 2024), fell to € 11.41 million (HY1: € 14.10 million). In line with their dynamic sales development, EBITDA increased disproportionately by 29.0% to € 48.27 million (HY1 2023: € 37.41 million) compared to the same period of the previous year due to economies of scale and cost optimisation effects (resulting from the cost-cutting programme introduced in 2023). Adjusted for one-off costs and special effects (e.g. M&A or consulting costs), adjusted EBITDA (Adj. EBITDA) for the first half of 2024 totalled € 51.10 million (HY1 2023: € 40.40 million), an increase of 26.5% compared to the same period of the previous year. At the same time, the adjusted EBITDA margin increased slightly to 28.5% (HY1 2023: 27.9%). Earnings growth also continued at net level (consolidated earnings after minority interests) with a jump in earnings to € 6.86 million (HY1 2023: € 2.57 million). Business performance in Q2 2024 Due to their accelerated (internal) growth momentum over the past quarters, a high growth rate was recorded in the second quarter in particular. In Q2, Group sales increased significantly by 26.8% to € 96.57 million compared to the same quarter of the previous year (Q2 2023: € 76.18 million). Adjusted for currency effects, organic growth of 26.0% was achieved. The main growth drivers here proved to be the strong customer demand for privacy-first targeting solutions from new customers and the expansion of (digital) advertising budgets (net dollar expansion rate Q2 2023: 82% vs. Q2 2024: 109%) with existing customers. The growth achieved was also reflected in a 33.0% increase in larger software customers (annual revenue of more than USD 100,000) to 851 (Q2 2023: 642), with the total number of customers also increasing significantly to 2,518 software customers at the end of the second quarter (Q2 2023: 1,976). At the same time, the number of adverts delivered to digital customers increased significantly by 23.8% to 224 billion (Q2 2023: 181.0 billion). According to the company, the ad-tech company once again succeeded in further increasing its market share in the past quarter, particularly through innovative AI-based customer solutions such as ATOM 3.0, Moments.AI and ML-driven optimisations (for SKAN), thereby expanding its existing market position. In terms of operating earnings development, Verve achieved a significantly disproportionate increase in EBITDA of 40.5% to € 28.08 million (Q2 2023: € 19.99 million) due to the strong organic quarterly growth recorded and a reduced structural fixed cost base. Group EBITDA adjusted for one-off and special effects (e.g. M&A and consulting costs) increased by 36.6% to € 29.10 million (Q2 2023: € 21.30 million). At the same time, the adjusted EBITDA margin increased significantly to 30.1% (Q2 2023: 28.0%). In view of the high profitability and strong operating cash flow, the Verve Group was able to improve its leverage ratio (net debt/adj. EBITDA) to 2.8x (end of FY 2023: 3.1x) and is aiming for a further improvement to 2.4x by the end of the 2024 financial year. In the medium and long term, the technology company is even aiming to further reduce its leverage ratio to 1.5x to 2.5x. Forecasts and evaluation With the publication of its quarterly and half-year figures, the Verve Group has also revised its previously raised corporate guidance upwards again. In view of the positive half-year performance and its visibility in August regarding the further course of the financial year, the technology company now expects Group sales in a range of € 400.0 million to € 420.0 million (previously: € 380.0 million to € 400.0 million) and an adjusted EBITDA (Adj. EBITDA) of € 125.0 million to € 135.0 million (previously: € 115.0 million to € 125.0 million). It should be noted here that the adjusted company guidance does not include any potential (additional) advertising income from the upcoming US election campaign, which is expected to occur between the end of the third quarter and the fourth quarter of 2024 in particular and thus opens up significant upside potential for revenue. It should be emphasised at this point that the US presidential candidate Kamala Harris is aiming for record spending on digital election advertising as part of her election campaign (according to media reports, around USD 200 million for digital advertising or digital advertising channels) and is therefore planning the strongest digital advertising campaign in US history. At the same time, the technology company has also adjusted its previous medium-term financial targets upwards in the form of an average annual (adjusted) EBITDA margin of 30.0% to 35.0% (previously: 25.0% to 30.0%) due to the significant increase in the Group's size and profitability following the Jun acquisition. At EBIT margin and net leverage level, an improvement to 20.0% to 25.0% (previously: 15.0% to 20.0%) and a reduced leverage ratio (net debt/adj. EBITDA) of 1.50x to 2.50x (previously: 2.0x to 3.0x) is expected. In terms of medium-term growth ambitions, Verve continues to expect an average annual growth rate of 25.0% to 30.0% (CAGR). In view of the convincing half-year performance and the raised corporate guidance and increased medium-term financial outlook, we have adjusted our previous sales and earnings forecasts for the current financial year 2024 and also for the following years upwards. For the current financial year, we now expect consolidated sales of € 401.24 million (previously: € 380.12 million) and EBITDA of € 119.29 million (previously: € 108.92 million). Based on conservative assumptions, we expect sales of € 502.11 million (previously: € 475.91 million) and EBITDA of € 156.84 million (previously: € 148.77 million) for the following financial year 2025. Overall, we continue to assume that the Verve Group will be able to dynamically continue its growth trajectory thanks to its strong market position in the digital advertising market and innovative technologies (privacy-first customer solutions, etc.). The recently acquired Jun company (effective from 1 August 2024) should lead to an even stronger pace of growth and improved Group profitability thanks to the expected synergy effects as part of the Group integration and strong positioning on the demand side. In light of our increased sales and earnings forecasts, we have raised our previous price target to € 6.60 (previously: € 6.00) per share. The onset of the roll-over effect (price target based on the following financial year 2025 instead of 2024) also had the effect of increasing the price target. In view of the current share price level, we therefore assign a 'BUY' rating and continue to see significant upside potential in the Verve share. You can download the research here: http://www.more-ir.de/d/30731.pdf Contact for questions: GBC AGHalderstrasse 2786150 Augsburg0821 / 241133 0research@gbc-ag.de++++++++++++++++Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung+++++++++++++++Date (time) of completion: 06/09/2024 (8:25)Date (time) of first distribution: 09/09/2024 (9:00) The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 1983363  09.09.2024 CET/CEST

Original-Research: RedFish LongTerm Capital S.p.A. - from GBC AG 28.08.2024 / 10:00 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of GBC AG to RedFish LongTerm Capital S.p.A. Company Name: RedFish LongTerm Capital S.p.A. ISIN: IT0005549354   Reason for the research: Management Interview Recommendation: Buy Target price: 2.92 EUR Target price on sight of: 31.12.2025 Last rating change: Analyst: Matthias Greiffenberger, Cosmin Filker 'RFLTC aims to reach a market capitalization of €150 million by pursuing additional fundraising and focusing on new acquisitions' RedFish LongTerm Capital S.p.A., based in Milan, is an industrial holding company specializing in the acquisition of family-owned Italian SMEs. RFLTC targets mature businesses with the potential for significant growth and expansion into both domestic and international markets. GBC AG: Can you provide a comprehensive overview of RedFish LongTerm Capital S.p.A., detailing its primary activities, mission, and the factors that make the company unique? RedFish LongTerm Capital S.p.A. (RFLTC) is a listed investment holding company with a focus on industrial family-owned SMEs. Founded in 2020 by Paolo Pescetto, Andrea Rossotti, and the Bazoli Gitti family, RFLTC is committed to long-term investments, acquiring both qualified minority and majority stakes, including through Club Deals. Our strategy centers on acquiring stakes in companies where the RedFish team of experts can make a meaningful impact through their competencies. We prioritize opportunities where market dynamics support a build-up strategy through M&A activities. RFLTC is designed to preserve and maximize value, thanks to a lean cost structure and a remuneration system linked to the appreciation of the company's listed shares (via stock option plans) and an incentive structure based on dividend distribution to shareholders. GBC AG: What are the main criteria that RedFish LongTerm Capital uses to identify and select its target companies for acquisition? RedFish LongTerm Capital acts as a long-term industrial partner for its subsidiaries, aiming to grow its portfolio companies without predetermined exit periods. Capital is raised through dedicated increases, without relying on pre-committed investor funds. This approach allows RedFish to engage in deals with entrepreneurs who aren’t seeking a typical Private Equity investor but are instead looking for long-term partners. These partners are committed to accompanying the company on a 'safe' journey toward an organic and inorganic growth plan, including cross-border M&A deals. Our long-term investment horizon enables RFLTC to enter new investments at attractive, low entry multiples (currently averaging 4.96x EV/EBITDA). Entrepreneurs are reassured by the possibility of generating value through a long-term partnership with RFLTC and its industrial expertise. We primarily target family-owned SMEs operating in niche markets with significant business know-how, where the RFLTC team can leverage its experience in driving growth through M&A strategies. GBC AG: Could you provide details on your most recent acquisitions and explain how these acquisitions fit into your overall investment strategy? RFLTC’s latest acquisition is a minority stake (15%) in INDUSTRIE POLIECO MPB S.p.A. Founded in 1977, Polieco Group is a family-owned company based in Northern Italy and is the leading producer in Italy of double-wall corrugated polyethylene piping systems. Additionally, the company manufactures resins for pipe coatings and the packaging sector. In 2023, Polieco Group achieved €200 million in revenue, €45 million in EBITDA, and maintained a net financial position of zero. The company's business model is divided into two units: Piping Systems (58% of revenues): Focused on the design and manufacturing of conduits for electrical and telecommunications installations in residential buildings, along with piping solutions for sewage systems ('Ecopal' systems) and manhole covers. Resins (42% of revenues): Specializes in the production of resins used for lining Oil & Gas pipeline tubes and adhesives for various industries, including food packaging, cosmetics, and pharmaceuticals. This acquisition aligns perfectly with our strategy due to: (i) the favorable entry multiple we negotiated, (ii) the potential for pursuing a cross-border M&A strategy in partnership with the existing management, and (iii) the company’s low debt and high cash flow generation within its niche market. GBC AG: Can you elaborate on the strategic importance and performance of some of your key portfolio companies? One of the key portfolio companies of RFLTC is Movinter S.p.A., through which RFLTC is driving an aggregation project in the railway and naval sectors, leveraging its industrial expertise. Movinter, a 100% owned company, was acquired in April 2023 with a turnover of €22 million, specializing in light carpentry production for railway and subway carriages. In November 2023, Movinter acquired Six Italia, a €15 million company specializing in “special materials” for the railway and naval industries. This was followed by a second acquisition in June 2024, when Movinter acquired Saiep S.r.l., another €15 million company specializing in electric solutions (cabling) for railway trains. This build-up strategy aims to create a group that can introduce production and product synergies, allowing Movinter to transition from offering a single product to providing a complex assembly. This 'one-stop shop' approach positions Movinter as a single point of contact for major customers like Hitachi and Alstom. With the acquisitions of Six Italia S.p.A. and Saiep S.r.l., the group is now forecasting annual consolidated sales of over €60 million. GBC AG: What specific strategies does RedFish LongTerm Capital employ to create value within its portfolio companies? Our strategy focuses on (i) cross-border M&A through an add-on approach, (ii) driving international expansion and (iii) providing strategic consulting with our industry experts. We also prioritize (iv) strengthening governance and management structures while (v) enhancing ESG awareness across our portfolio companies. GBC AG: What is your typical holding period for investments, and how do you approach exits? RFLTC has developed a unique industrial holding model that differentiates it from traditional private equity funds (such as SICAF, ELTIF, SGR, or financial holding companies). While RFLTC engages in similar activities like raising capital and acquiring companies to support their growth, its focus is distinctly on acquiring family-owned SMEs or companies undergoing generational transitions, particularly those poised for further growth and development. What sets RFLTC apart is its hands-on approach to enhancing the operational capabilities of its portfolio companies. This includes integrating key roles such as a CFO with expertise in finance and banking, implementing a robust management control system, appointing a manager who reports directly to ownership, bringing in an international sales expert, and establishing an ESG support committee that is currently being standardized across the Group. These roles are often absent in companies of similar size, and RFLTC’s ability to provide these services adds significant value to its subsidiaries—an approach highly appreciated by entrepreneurs. Additionally, RFLTC distinguishes itself from financial operators through its long-term investment horizon. Unlike typical financial holdings, RFLTC does not rely on Drag-Along clauses or predetermined exit strategies. The companies RFLTC acquires are often second or third-generation businesses where the founders' legacy continues to be relevant for many years, aligning with RFLTC's commitment to long-term growth and stability. GBC AG: Which sectors do you consider most promising for future investments, and why? MADE IN ITALY: Family-run Italian SMEs in the Fashion and Interior Design sectors have long been recognized as leaders in their niche markets. These companies set themselves apart through their creativity and top-tier production, representing excellence in 'Made in Italy' craftsmanship. ICT / INDUSTRIAL AUTOMATION: Following our co-investment in Matic Mind alongside Fondo Italiano d’Investimento, RFLTC remains keenly interested in the ICT sector and industrial automation. We are particularly focused on digital operators and engineering companies that possess strong competitive advantages and demonstrate significant growth potential. FOOD: The Italian food industry remains highly fragmented, presenting opportunities for consolidation through the acquisition of SMEs rooted in Italy's rich food tradition. This sector continues to show resilient demand both domestically and internationally, making it a strategic area for aggregation projects. Looking ahead, we are deepening our commitment to Movinter, where RFLTC is building a group of companies active in the Railway, Aerospace, and Naval sectors. Our goal is to create production and product synergies across these subsidiaries, leading to significant cost savings and enhanced operational efficiency. GBC AG: Where do you see RedFish LongTerm Capital in the next 5-10 years, and what are the key milestones you aim to achieve during this period? RFLTC aims to reach a market capitalization of €150 million by pursuing additional fundraising and focusing on new acquisitions. Our strategy emphasizes sector diversification and a robust add-on policy for our subsidiaries. GBC AG: Thank you for the Interview. You can download the research here: http://www.more-ir.de/d/30635.pdf Contact for questions: GBC AGHalderstraße 2786150 Augsburg0821 / 241133 0research@gbc-ag.de++++++++++++++++Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:https://www.gbc-ag.de/de/Offenlegung+++++++++++++++Completion Date (Time): 27.08.2024 9:00 First Distribution Date (Time): 28.08.2024 10:00 The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 1975915  28.08.2024 CET/CEST

Original-Research: UmweltBank AG - from GBC AG 12.08.2024 / 09:31 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of GBC AG to UmweltBank AG Company Name: UmweltBank AG ISIN: DE0005570808   Reason for the research: Research Note Recommendation: BUY Target price: 9.63 EUR Target price on sight of: 31.12.2025 Last rating change: Analyst: Cosmin Filker, Marcel Goldmann 1st HY 2024: Negative valuation effect brought forward to 2023, forecast adjusted, target price: €9.63, rating: BUY UmweltBank AG's total income rose significantly in the first six months to € 38.16 million (previous year: € 31.20 million). In particular, the jump in the financial result to € 17.95 million (previous year: € 1.19 million) contributed to this visible increase. This is related to the planned implementation of the corporate strategy, which envisages the sale of the investment portfolio within the next three financial years also in order to release equity and regulatory capital. In the first six months of 2024, a total of four wind farm investments and two property investments were sold, thereby significantly increasing the financial result. When the Q1 figures were published, Umweltbank AG had still reported a loss on disposal of around € 10 million. However, as part of an audit by the auditor, the carrying amount of the securities sold as at 31 December 2023 was subsequently changed, meaning that the valuation loss was carried forward in full to the 2023 financial year. The significant increase in total income is also reflected in the significant increase in earnings before taxes to € 8.53 million (previous year: € 3.11 million) and the profit for the period to € 5.62 million (previous year: € 1.49 million). The increase in income more than compensated for the rise in personnel and administrative expenses to € 29.37 million (previous year: € 26.63 million). The higher expenses reflect an increase in salary levels as well as higher expenses in the areas of IT and marketing. The completion of the migration of the core banking system (Q2 2024) and the transformation of the organisational structure should eliminate significant cost drivers in the future. The management of UmweltBank AG has confirmed the previously communicated guidance with the publication of the half-year figures for 2024. However, the guidance was raised by the valuation effect of around € 10 million. As the loss from the sale of the securities will not be recognised in the current financial year as previously expected, but retroactively in the 2023 financial year, the figures for the 2023 financial year have been adjusted and the pre-tax guidance has been raised to between € -5 million and € -10 million (previously: € -15 million to € -20 million). According to the company's planning, total income in the range of € 60 million and € 65 million will be offset by total expenses of around € 70 million at the end of the 2024 financial year. Based on the figures achieved in the first six months, total income of € 38.16 million and total expenses of € 29.68 million, this assumption is reasonable. Total income in the second half of 2024 should be characterised in particular by an increase in net interest income, which should be slightly above the previous year's figure by the end of the year. On the one hand, the increase in new lending business, which should rise significantly to € 250 million by the end of the 2024 financial year, should contribute to this. However, the reinvestment of funds released from the sale of treasury portfolios is likely to be of key importance. In view of the general rise in interest rates, these should be invested at better conditions. In addition, the investment of customer funds should also contribute to the increase in net interest income. As previously forecast, the current financial year 2024 will initially be characterised by an increase in total expenses before these decline in the following financial years. After that, costs are only expected to develop at a disproportionately low rate. On the one hand, the costs for the now completed migration of the core banking system will no longer apply in the coming financial years. These are expected to amount to € 4 million in the first half of 2024. In addition, UmweltBank AG will make further investments in efficient and digital processes in 2024 and report higher marketing expenses to acquire private customers. Following completion of the investments and the transformation currently underway (digitalisation, efficiency enhancement, organisational structure), the cost-income ratio is expected to fall in the coming financial years. UmweltBank AG is aiming for a cost-income ratio of less than 60 % by 2028. For the 2026 financial year, our last forecast period, we expect a cost-income ratio of 75.7 %. The sum of the discounted residual earnings results in a value of € 343.35 million (previously: € 342.18 million). With 35.66 million shares outstanding, this results in a fair enterprise value per share of € 9.63 (previously: € 9.60), which corresponds to a marginal increase in the target price. Based on the current share we continue to assign a BUY rating.   You can download the research here: http://www.more-ir.de/d/30423.pdf Contact for questions: GBC AGHalderstraße 2786150 Augsburg0821 / 241133 0research@gbc-ag.de++++++++++++++++Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (1,4,5a,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: https://www.gbc-ag.de/de/Offenlegung+++++++++++++++Date and time of completion of the study: 07.08.24 (2:16 pm)Date and time of the first dissemination of the study: 12.08.24 (9:30 am) The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 1965089  12.08.2024 CET/CEST

Original-Research: Cenit AG - from GBC AG 05.08.2024 / 13:01 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of GBC AG to Cenit AG Company Name: Cenit AG ISIN: DE0005407100   Reason for the research: Research Comment Recommendation: BUY Target price: 24.15 EUR Target price on sight of: 31.12.2025 Last rating change: Analyst: Cosmin Filker, Marcel Goldmann 1st HY 2024: Acquisition of Analysis Prime is value-enhancing, HY figures in line with expectations, price target raised to €24.15 (previously: €20.55), rating: BUY In the first six months of the current business year, CENIT AG once again achieved significant sales growth of 6.7% to € 93.36 million (previous year: € 87.47 million). Following sales growth of 16.4% in the first quarter of the current financial year, sales growth in the second quarter remained in the double-digit range at 10.8%. Despite the increase in sales, CENIT AG recorded a decline in EBIT to € 2.01 million (previous year: € 2.62 million). Adjusted for acquisition-related expenses (acquisition of CCE and acquisition of Analysis Prime) and the disposal of CENIT Japan, which contributed € 0.87 million to EBIT in the previous year, CENIT AG would have achieved an EBIT increase of 33.2% to € 2.62 million (previous year: € 1.97 million). On 17 July 2024, CENIT announced the acquisition of 60% of the shares in the US company Analysis Prime LLC. Founded in 2018, the company has a total of 72 employees and is active in the field of planning and analysing business-critical processes based on SAP architecture. The company has a high degree of specialisation and is able to call up high daily rates for consulting and implementation. A provisional base price of USD 14.31 million was agreed for the acquisition of 60% of the shares. The final purchase price and the variable components will not be determined until Analysis Prime has presented its interim financial statements. For the current 2024 financial year, CENIT AG expects a pro rata sales contribution of USD 11.50 million and EBIT of USD 2.70 million. Analysis Prime has recorded strong sales growth in recent financial years and has a highly scalable business model. With this acquisition, CENIT AG is increasingly entering the US market, which is accompanied by corresponding cross-selling potential. For example, the ISR consulting business, which covers the infrastructure area in the SAP Analytics environment in particular, can be transferred to the USA. In the opposite direction, the Analysis Prime business is to be transferred to Europe. In the USA, the newly acquired company is the market leader in its field and an important partner for SAP. CENIT's Management Board has confirmed the previous forecast in its half-year report. Sales of € 195 million to € 202 million and EBIT of € 11.70 million to € 12.20 million are still expected for the current financial year. These forecasts do not yet include the recently acquired Analysis Prime. According to the company, the new company is expected to contribute sales of USD 11.50 million and EBIT of USD 2.70 million in 2024. This is a pro rata temporis figure, as the company will only be included in the CENIT scope of consolidation from 1 August 2024. The expected EBIT contribution from Analysis Prime also does not include any M&A-related expenses or amortisation of acquired intangible assets (PPA). According to the Executive Board, Analysis Prime is not expected to contribute to earnings in 2024 after taking these expenses into account. We only expect to see a visible jump in earnings from the following financial year. For the current 2024 financial year, we therefore expect sales of € 211.12 million (previously: € 200.42 million) and an unchanged EBIT of € 12.01 million (previously: € 12.01 million). With sales growth of 5.0%, we expect an acquisition-related sales contribution of € 24.21 million (2025) and € 25.43 million (2026) and are raising our sales forecasts accordingly. We expect PPA amortisation of € 3.0 million and an acquisition-related EBIT contribution of € 2.21 million (2025) and € 2.87 million (2026). We have adjusted our earnings forecasts accordingly. As part of the DCF valuation model, we assume a constant shareholding of 60%. In addition to the provisional base purchase price of USD 14.31 million (€ 13.31 million), a variable earn-out could become due in 2025. We anticipate an additional purchase price of € 2.89 million. We have determined a new target price of € 24.15 (previously: € 20.55). Adjusted for the price target-increasing rollover effect, this results in a price target of €22.14, which we categorise as value-enhancing for the acquisition of Analysis Prime. We confirm our BIY rating. You can download the research here: http://www.more-ir.de/d/30369.pdf Contact for questions: ++++++++++++++++Disclosure of potential conflicts of interest pursuant to Section 85 WpHG and Art. 20 MAR The company analysed above has the following potential conflict of interest: (5a,6a,7,11); A catalogue of potential conflicts of interest can be found at:https://www.gbc-ag.de/de/Offenlegung.htm+++++++++++++++Date and time of completion of the study: 05/08/24 (08:52 am)Date and time of the first dissemination of the study: 05/08/24 (1:00 pm) The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 1960711  05.08.2024 CET/CEST

Original-Research: Desert Gold Ventures Inc. - from GBC AG 02.08.2024 / 08:01 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group AG. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions. Classification of GBC AG to Desert Gold Ventures Inc. Company Name: Desert Gold Ventures Inc. ISIN: CA25039N4084   Reason for the research: Research Report (Initial Coverage) Recommendation: BUY Target price: 0.311 USD Target price on sight of: 31.12.2025 Last rating change: Analyst: Matthias Greiffenberger, Marcel Schaffer Strategic Investment opportunity in Prolific Gold Region with Significant Upside Potential. Heap Leach Mine and Significant Resource Expansion Plans. Desert Gold Ventures Inc. could represent an attractive investment due to its strategic location in a prolific gold region, substantial resource base, and ongoing exploration efforts. The company’s potential for significant cash flow from the heap leach mine, combined with its experienced management team and strong financial management, underscores its potential for substantial growth. The current low market valuation, compared to the target price, offers significant upside, particularly with anticipated positive developments in 2024. Desert Gold Ventures Inc. is focused on the SMSZ Project in Mali, a region known for significant gold deposits. The project spans 440 km² along the Senegal Mali Shear Zone and encompasses over one million ounces of gold, with measured and indicated mineral resources of 310,300 ounces and inferred mineral resources of 769,200 ounces. The company has planned an extensive 30,000-meter drilling program for 2024 aimed at expanding the current resource base and identifying new economic grade targets. An updated resource estimate is expected in Q4 2024. Strategic location and acquisition potential: The Kenieba Window, an offshoot of the Birimian Greenstone Belt, is known for high-quality gold resources, averaging 2.22 g/t, and significant market valuations. Major mergers and acquisitions in the BGB over the past decade have shown an average resource of 1.81 million ounces of gold and an average acquisition price of US $66 per ounce. Desert Gold Ventures’ SMSZ Project, with 1.08 million ounces of gold at 1.14 g/t and valued at US $9 per ounce, presents a notable opportunity. With a current market capitalization of about $10 million, Desert Gold Ventures could be valued at $71.4million if its assets were acquired at recent average prices per ounce. After deducting warrants and options, the equity valuation is $69.5 million. However, due to Desert Gold's average grade of 1.14 g/t being lower than the 2.22 g/t average of other transactions, we apply a 50% discount. This results in a valuation of $35 million, or $0.155 per share. As the grade improves, we plan to reduce the discount, increasing our valuation. Note that at a cutoff grade of 1.0 g/t gold, Desert Gold’s resource amounts to 715,000 oz of gold at a grade of 1.86 g/t, representing a 63% increase in gold grade. NAV: Desert Gold Ventures has a combined resource of 1.08 million ounces of gold at an average grade of 1.15 g/t and a cutoff grade of 0.4 g/t. Note that at a cutoff grade of 1.0 g/t gold, Desert Gold’s resource amounts to 715,000 oz of gold at a grade of 1.86 g/t, representing a 63% increase in gold grade. Compared to the larger, higher-grade Fekola Mine, Desert Gold shows promise for substantial improvement with successful exploration. The Fekola Mine, acquired by B2Gold in 2014, has produced three million ounces of gold by April 2023 and expects to produce 470,000 to 500,000 ounces in 2024 at operating costs of $835 to $895 per ounce and all-in sustaining costs of $1,420 to $1,480 per ounce. Benchmarking against Fekola, the theoretical value of Desert Gold's resources at Q1 2024 gold prices ($2,070 per ounce) would be $2,234.6 million, though typically only 5% to 10% of this value is considered in acquisitions, translating to $111.7 million. After accounting for AISC and initial construction costs, the net value of Desert Gold’s resources is estimated at $204 million. Applying a 70% discount and subtracting the value of outstanding warrants and options, Desert Gold’s assets are valued at approximately US $59 million, or $0.264 per share. Based on the NAV valuation of $0.264 per share and the peer group valuation of $0.155 per share, we derive a combined target price of $0.209 per share. Given the substantial upside potential relative to the current share price, we assign a BUY rating. Potential heap leach mine: Desert Gold is evaluating the feasibility of building a small heap leach mine, which could generate significant cash flow. A preliminary economic assessment (PEA) is set for completion by Q4 2024, potentially transforming the company's financial outlook. This value depends on the mine's construction and production, with many assumptions due to limited information especially concerning ore processing and gold recovery rates. The PEA should address these concerns in detail. We expect the small heap leach mine in Barani East to produce 15,000 to 20,000 ounces per year, with a mine life of over ten years based on current oxide resources. Financial projections, at a gold price of $2,300 per ounce, suggest annual revenue of about $40 million. The project benefits from being in a low-cost jurisdiction and employing simple mining methods, which results in an estimated build cost of $15 million. With high-grade ores and anticipated recovery rates, we expect the project to yield more than 50% margins, translating to $20 million in annual free cash flow. With a project valuation of $76 million, we apply a 70% discount due to its future timeline and uncertainties. Clarity is expected after the PEA release in Q4 2024, at which point we will reduce the discount. After the 70% discount, the project's value is $22.8 million, or $0.101 per share with 225 million shares outstanding. We add this value separately as the heap leach mine is relatively small compared to Desert Gold Ventures' total assets and resources. If this project is successfully financed and comes to fruition, the US $0.101 per share valuation would be added to the average valuation based on NAV and peer group of US $0.209 per share. This would result in a target price of US $0.311 per share. Given this significant upside potential, we assign a BUY rating to the stock. You can download the research here: http://www.more-ir.de/d/30341.pdf Contact for questions: GBC AGHalderstraße 2786150 Augsburg0821 / 241133 0research@gbc-ag.de++++++++++++++++Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter:http:s//www.gbc-ag.de/de/Offenlegung+++++++++++++++Date and time of completion of the research report: 01.08.2024 (13:00)Date and time of the first disclosure of the research report: 02.08.2024 (08:00) The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.Archive at www.eqs-news.com 1959323  02.08.2024 CET/CEST

Original-Research: Advanced Blockchain AG - from GBC AG Classification of GBC AG to Advanced Blockchain AG Company Name: Advanced Blockchain AG ISIN: DE000A0M93V6 Reason for the research: Research Report (Anno) Recommendation: Kaufen Target price: 17.64 EUR Target price on sight of: 31.12.2025 Last rating change: Analyst: Matthias Greiffenberger, Julien Desrosiers Update on the separate financial statements 2023. Significant upside potential at group level on the portfolio valuation.   Advanced Blockchain AG has so far only published their individual financial statements for the 2023 fiscal year. Therefore, the currently available figures are only of limited significance. The consolidated financial statements, which will provide more comprehensive information on the company's development, are expected to be published in the coming weeks. The consolidated financial statements will contain detailed information about the financial situation and performance of the subsidiaries, thus providing a clearer picture of the entire corporate group.   The company (individual entity) nearly doubled its revenue in the 2023 fiscal year, increasing from €0.06 million in 2022 to €0.11 million. Despite this growth, the absolute revenue level remains low. The operating investment business is outsourced to Incredulous Labs Limited, so the majority of revenue and profitability lies with the Incredulous Labs sub-group.   The earnings development shows a deterioration of EBITDA from -€0.5 million in 2022 to -€0.72 million in 2023. This deterioration is due to significantly lower other operating income, despite cost reductions. Other operating income drastically fell from €0.65 million to €0.08 million, while personnel costs were significantly reduced to €0.11 million (previous year: €0.33 million) due to staff reductions. Additionally, write-downs on current assets of €0.19 million were made due to lack of recoverability, whereas no such write-downs were made in the previous year. This resulted in a net loss of €0.88 million (previous year: €0.51 million).   This led to a decrease in equity from €10.75 million to €9.56 million. The total assets decreased from €15.68 million to €13.71 million, due to the increased balance sheet loss and the reduction of provisions and liabilities. Despite the decrease in equity, we believe the company remains well-positioned. Receivables from affiliated companies amounting to €11.31 million are considered nearly cash-equivalent. These mainly consist of loans to Incredulous Labs Ltd., whose portfolio should significantly exceed the loan value upon liquidation.   The group's focus for the 2024 fiscal year is on sustainable growth, diversification of revenue sources, and increased activities in Switzerland and the United Arab Emirates. The group also plans to expand its team and implement cross-chain initiatives to leverage network effects.   The revaluation of the top ten investments by AVS-Valuation GmbH shows a significant increase in the portfolio value by 45% to €57.5 million. The estimated total value of the portfolio as of December 31, 2023, is around €105 million, which corresponds to a net asset value (NAV) of approximately €103 million. The current market capitalization of Advanced Blockchain AG is around €15.18 million, which represents a significant undervaluation compared to the fair value. Considering the significantly improved market situation in the crypto markets, we are gradually reducing our original 'crypto winter' discount to 35%. This leads to a fair value per share of €17.64. Given the considerable upside potential, we assign a 'BUY' rating. You can download the research here: http://www.more-ir.de/d/30231.pdf Contact for questions GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http:s//www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date and time of completion of the report: 17.07.2024 (10:00) Date and time of the first distribution of the report: 17.07.2024 (12:00) -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Avemio AG - from GBC AG Classification of GBC AG to Avemio AG Company Name: Avemio AG ISIN: DE000A2LQ1P6 Reason for the research: Research Report (Anno) Recommendation: BUY Target price: 23,00 EUR Target price on sight of: 31.12.2025 Last rating change: Analyst: Cosmin Filker; Niklas Ripplinger - Transformation into a media technology group is being driven forward - Improvement in profit margins expected   With the presentation of the consolidated figures for the first time, Avemio AG reported sales of € 99.15 million for the past financial year 2023. Although no comparative figures are available for the 2022 financial year, the pro forma figures we have calculated (revenue according to GBC calculation: € 108.70 million) indicate a downward business trend. The company had originally assumed sales of € 120 million for the past financial year.   The lower-than-expected sales trend is due in particular to weaker demand in the second half of the year, reflecting the low propensity to invest as a result of the economic situation. Overall, demand was lower, particularly for higher-priced equipment and on the consumer side. This was exacerbated by a lack of innovation and therefore a lack of incentives to buy. Finally, the high level of investment during the coronavirus pandemic led to pull-forward effects.   As expected, EBITDA was also below expectations at € -0.05 million (previous year according to GBC calculation: € 4.44 million) (Avemio guidance: € 5 million). While the gross profit margin remained stable, operating expenses rose disproportionately to gross profit. Among other things, this is due to the expansion of personnel capacities and increased product development costs for the Avemio companies focussing on digital services. Lower than expected sales from these start-ups were also accompanied by a lack of earnings contributions.   According to the company's guidance, sales growth of between 1% and 4% is to be achieved in the current 2024 financial year. EBIT (2023: € -2.61 million) is expected to increase disproportionately to break-even level. While sales in the retail business are expected to decline by 2% due to the ongoing reluctance to invest, sales in the media technology segment are expected to increase. The expansion of the media technology segment is in any case an important pillar of the corporate strategy, which aims to improve customer loyalty on the one hand and increase the quality of earnings on the other. This strategic component is very well represented by the acquisition of MoovIT GmbH, with which the product range was expanded to include the areas of system integration and software development as well as consulting services for the optimisation and automation of video workflows. However, in-house developments driven by majority-owned start-ups will also contribute to the planned change.   For the current financial year, we expect sales revenue of € 101.14 million (sales growth: 2.0%) and also assume constant sales growth of 7.0% p.a. for the coming financial years (2025 and 2026). The full-year inclusion of the media technology subsidiary MoovIT and the marketing of the digital products developed by Avemio AG should lead to an improvement in the profit margin. In addition, Avemio AG has implemented cost-cutting measures that should take full effect from 2025 in particular. We expect the EBIT margin to improve to 6.1% by 2026.   We have determined a new price target of € 23.00, which corresponds to a reduction of the previous price target of € 32.00. The lower price target results from the reduced forecasts for the current financial year 2024, which have led to a reduction in the estimates for the coming financial years. We have also reduced our long-term target EBITDA margin expectation to 10.0% (previously: 11.6%). We continue to assign a BUY rating.   You can download the research here: http://www.more-ir.de/d/30213.pdf Contact for questions GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Disclosure of potential conflicts of interest pursuant to Section 85 WpHG and Art. 20 MAR The company analysed above has the following potential conflict of interest: (5a,11); A catalogue of potential conflicts of interest can be found at https://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date and time of completion of the study: 15.07.2024 (08:39 am) Date and time of publication of the study: 15.07.2024 (10:00 am) -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: UmweltBank AG - from GBC AG Classification of GBC AG to UmweltBank AG Company Name: UmweltBank AG ISIN: DE0005570808 Reason for the research: Research Report (Anno) Recommendation: BUY Target price: 9,60 EUR Target price on sight of: 31.12.2024 Last rating change: Analyst: Cosmin Filker, Marcel Goldmann - Return to profitability expected after transformation year 2024 - Realignment bears fruit - Interest margin expected to bottom out   With the publication of their 2023 Annual Report, UmweltBank AG has confirmed the preliminary figures published in March. As previously announced, new lending business declined and was down from the previous year at € 459 million (previous year: € 623 million). One reason for this was the increase in the capital surcharge to 3.7% (31.12.22: 1.5%), which prevented a higher level of new lending.   In addition to lower growth momentum in loans, further decline in the interest margin also led to an expected fall in net interest income to € 41.11 million (previous year: € 58.79 million). As the deposit business has a shorter duration, it reacts more strongly to interest rate increases, which led to higher interest expenses. In addition, interest expenses for funds borrowed from the ECB and KfW, which also represent an important refinancing block for UmweltBank AG, also increased. Parallel to the decline in net interest income, the financial result fell significantly to € 7.17 million (previous year: € 24.83 million). This represents a normalisation, after the previous year's figure was strongly positively influenced by the sale of an investment in a wind farm company amounting to around € 20 million.   The sharp decline in income was accompanied by an equally sharp rise in costs in the 2023 financial year, which led to a significant decline in EBT to € 1.10 million (previous year: € 39.21 million). The main reason for the increase in costs was the change in the core banking system, which was associated with extraordinary expenses of € 10.14 million. In addition, UmweltBank AG recorded a significant increase in personnel costs.   The current 2024 financial year is to be regarded as a year of transformation. This is due to the fact that further investments in technology and the organisational structure are planned. In addition, the focus will be on expanding private customer deposits, which will be accompanied by increased marketing expenditure. The company will also continue to push ahead with digitalisation in the current financial year and invest more in this area. The investments and subsequent costs in connection with the migration of the core banking system totalling € 4 million are expected to lead to earnings before taxes of € -15 million and € -20 million respectively.   The higher costs are offset by a turnaround in the interest and financial result. UmweltBank AG has focussed on expanding its deposit business with private customers, which is already bearing fruit. In the first three months of 2024, around 8,000 new customers and customer deposits totalling around € 250 million were acquired. Their aim is to reach the 500,000 customer mark by 2028. Increasing customer deposits should enable an expansion of the lending business on the one hand and, in particular, generate interest income from the investment of customer funds (ECB; bonds) on the asset side.   In future, their lending business will focus on corporate customers. New business of € 250 million is expected for the current financial year. New lending business is to be increased by releasing capital tied up in equity investments. In addition, the capital surcharge should return to normal levels once the regulatory requirements have been met, which will also enable an increase in new lending business. The gross volume of new business is expected to increase to over € 1.0 billion by 2028. Net interest income from the lending business should also improve in line with the expected increase in the interest margin. The expiry of low-interest loans and the expected stable interest rate trend should contribute to this.   The financial result should increase in the coming financial years, not least due to the continuous reduction in the investment business. Two wind farm investments and one property investment were already sold at a profit in the first quarter of 2024. Further disposals are planned on an opportunistic basis. Net commission and trading income should also benefit from rising customer deposits and also increase slightly.   Following a significant increase in total costs in the 2024 financial year, a rapid return to profitability is expected from the coming 2025 financial year. We expect EBT of € 5.75 million for the coming 2025 financial year (2024: € -15.90 million) and EBT of € 20.49 million for the 2026 financial year.   We have valued UmweltBank AG using a residual income method and determined a fair value of €9.60 per share. Based on the current share price of € 6.44, we continue to assign a BUY rating.   You can download the research here: http://www.more-ir.de/d/30099.pdf Contact for questions GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (1,4,5a,6a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: https://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date and time of completion of the study: 26.06.2024 (08:45 am) Date and time of the first dissemination of the study: 26.06.2024 (10:00 am) -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Verve Group SE - from GBC AG Classification of GBC AG to Verve Group SE Company Name: Verve Group SE ISIN: SE0018538068 Reason for the research: Research study (Note) Recommendation: BUY Target price: 6.00 EUR Last rating change: Analyst: Marcel Goldmann, Cosmin Filker Jun acquisition ensures significant sales and earnings growth and a significant strengthening of the demand side; the integration of the acquisition opens up considerable sales synergies; significant increase in forecasts and price target; 'BUY' rating confirmed   On 18 June 2024, Verve Group SE (Verve) announced the signing of an agreement to fully acquire Jun Group, a leading mobile advertising technology company with a focus on the demand side and strong business relationships with leading US brands and media agencies.   The Jun Group's mobile-first demand-side business with direct access to more than 230 Fortune 500 advertisers and US agencies is a perfect complement to the market-leading US-centred mobile supply-side platform, according to the company. The acquisition will result in a more balanced sales model with 30.0% demand-side business (previous demand-side share: approximately 10.0%) and 70.0% supply-side business (previous supply-side share: approximately 90.0%). The Jun Group has a highly diversified customer base (including Amazon, McDonalds and Dell), which is growing steadily.   This transformative transaction will significantly increase the size and profitability of the Verve Group. The acquisition of the Group is expected to contribute approximately 23.0% in revenue and approximately 43.0% in adjusted operating profit (Adj. EBITDA), which on a pro forma basis should lead to expected Group revenue of approximately € 447.0 million and adjusted EBITDA of approximately € 151.0 million in the current FY 2024.   The agreed total purchase price for the transaction amounts to € 170 million. According to the company, € 120 million of the purchase price will be paid from existing cash funds, whereby a cash capital increase with gross issue proceeds of around € 40.0 million (27.11 million new shares at an issue price of around € 1.48) was recently carried out for this purpose. The remaining € 50.0 million of the purchase price payment is to be made in two annual instalments in 12 and 18 months after the planned closing in September 2024. The completed capital measure is intended to achieve the targeted capital structure with a medium-term pro forma net leverage ratio of 1.50 to 2.50.   According to the company, the purchase price including expected synergy effects thus amounts to 3.8x EBITDA. In addition to the significant cost synergies (approximately € 2.0 million in FY 2024), the Verve Group primarily expects extensive synergies at revenue level (approximately € 9.0 million in FY 2024). Extensive sales synergies are to be realised primarily through the combination of product and customer structures and the various platforms. In the medium term, Verve anticipates sales synergy potential of between € 30.0 million and € 40.0 million. In view of the high profitability (50.0% EBITDA margin from USD 72.0 million in sales in FY 2023) and the significant growth and synergy potential of the Jun Group, we consider the purchase price for the transaction to be extremely favourable.   With regard to future financing structure and conditions, Verve assumes that the ability to reduce debt will improve significantly in the future due to the strong (expected) cash EBITDA (approximately 80.0% in FY 2025 according to the company's forecast). Accordingly, the technology group anticipates that the expected improvement in debt ratios will reduce future financing costs as soon as the existing financial debt is refinanced. At the present time, declines in bond yields can already be observed for the existing longer-term bonds (see e.g. Verve Group bond with ISIN: SE0019892241), which indicates significantly lower financing conditions in the future.   Forecasts and evaluation   Based on the announced transformative acquisition and the strong first half of the current financial year, Verve's management has significantly revised its previous guidance upwards. For the current financial year 2024, the company now expects consolidated sales of € 380.0 million to € 400.0 million (previously: € 350.0 million to € 370.0 million) and adjusted EBITDA (Adj. EBITDA) of € 115.0 million to € 125.0 million (previously: € 100.0 million to € 110.0 million).   As a result of the significant increase in the Group's size and profitability, Verve has also updated its medium-term guidance. The technology company expects a sales CAGR of 25.0% to 30.0% (unchanged from previously) and an EBITDA margin of 30.0% to 35.0% (previously: 25.0% to 30.0%) and an EBIT margin of 20.0% to 25.0% (previously: 15.0% to 20.0%).   Against the backdrop of the improved company outlook and the increased medium-term financial targets, we have adjusted our previous sales and earnings estimates upwards. Accordingly, we now expect sales of € 380.12 million (previously: € 352.18 million) and EBITDA of € 108.92 million (previously: € 100.08 million) for the current 2024 financial year. For the following years 2025 and 2026, we are forecasting sales of € 475.91 million (previously: € 389.51 million) and € 596.79 million (previously: € 437.03 million). At the same time, operating earnings (EBITDA) should increase to € 148.77 million (previously: € 113.35 million) and € 191.58 million (previously: € 130.67 million).   Overall, the Jun acquisition represents a good strategic step towards better balancing the Group's demand- and supply-side-specific business model and utilising the resulting advantages profitably. In addition, this transaction will take the Verve Group to the 'next level' in terms of consolidated sales and profitability. The integration of the acquisition will also result in considerable synergy effects, particularly in terms of sales, which can be gradually realised.   As part of our DCF valuation model, we have also significantly increased our price target to € 6.00 (previously: € 4.50) per share due to our increased sales and earnings estimates. However, the dilution effect resulting from the capital increase (increase in the number of shares by 0.27 million to 186.36 million) reduced the target price. In view of the current share price level, we therefore continue to assign a 'BUY' rating and see significant upside potential in the Verve share.   You can download the research here: http://www.more-ir.de/d/30089.pdf Contact for questions GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 24/06/2024 (10:29) Date (time) of first distribution: 24/06/2024 (12:00) -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: EasyMotionSkin Tec AG - from GBC AG Classification of GBC AG to EasyMotionSkin Tec AG Company Name: EasyMotionSkin Tec AG ISIN: LI1147158318 Reason for the research: Management Interview Recommendation: Management Interview Last rating change: Analyst: Matthias Greiffenberger, Marcel Schaffer In the Interview: Christian Keck, President of the Board and CEO of EasyMotionSkin   GBC AG: Could you please provide a brief introduction to EasyMotionSkin Tec AG? What are the main goals and core competencies of your company, and how do you differentiate yourselves from your competitors?   EasyMotionSkin Tec AG, with its established fitness brands EasyMotionSkin, milon, and FIVE, offers innovative training systems that support people worldwide in leading healthier, fitter lives. By leveraging digitalization and developing new product innovations, EasyMotionSkin bridges the gap from an innovative fitness system manufacturer to a forward-thinking tech company in the international health and lifestyle industry.   By combining B2B, B2C, and B2B2C offers, EasyMotionSkin becomes a Connected Customer Concept, acting as a partner that connects both commercial providers and end customers. The addition of relevant content and programming creates a new dimension of service, offering noticeable added value for users in all categories.   GBC AG: How does the recently announced partnership with EASYFITNESS fit into the long-term strategy of EasyMotionSkin Tec AG?   The extensive partnership with EASYFITNESS, one of Germany's leading fitness chains, supports our strategic expansion and strengthens our position in the fitness market, aligning perfectly with our long-term strategy. The cooperation aims to make training in the respective studios as convenient and innovative as possible, allowing customers to apply this knowledge outside the club throughout the week. The goal is to make it easier to meet the WHO's recommendations of at least seven physical training sessions per week and to sustainably promote health and exercise. In the first phase, selected EASYFITNESS studios will be equipped with our specially developed dry suits. In the second phase, the partnership will extend to include home trainer equipment from EasyMotionSkin. Besides studio equipment, EASYFITNESS plans to offer its members the home trainer option from EasyMotionSkin as an additional training option for an extra fee.   GBC AG: How does the partnership with Hansefit support EasyMotionSkin's vision of integrating innovative training solutions into the corporate fitness market, and what special offers do you provide to Hansefit members?   Hansefit is a leading provider of corporate fitness solutions, enabling companies to give their employees access to a broad network of fitness and health facilities. This partnership strengthens the EasyMotionSkin Group's position in the fitness, healthcare, and corporate health markets. Hansefit expands its offerings with innovative training solutions from milon, FIVE, and EasyMotionSkin, tailored to meet the individual needs of employees. Additionally, Hansefit customers receive exclusive offers from the EasyMotionSkin Group and innovative concepts to support corporate health promotion. Hansefit benefits from potentially new members in the Hansefit sports network through this partnership. Furthermore, new joint projects in the digital field are planned.   GBC AG: How does the strategic partnership with Urban Sports Club contribute to achieving EasyMotionSkin's corporate goals, and what specific benefits do you expect for both companies from this collaboration? How does EasyMotionSkin manage relationships with large partner networks like Urban Sports Club to effectively leverage synergies?   We are excited about the strategic cooperation with Europe's largest sports aggregator, Urban Sports. This partnership opens up new markets for us. For Urban Sports Club operators, EasyMotionSkin offers attractive special deals. Urban Sports Club expands its portfolio with innovative training solutions tailored to the individual requirements of its members. Urban Sports Club benefits from the EasyMotionSkin Group's expertise in innovative fitness solutions and wellbeing. Urban Sports Club offers a flexible sports and wellness membership throughout Europe, allowing members to create their individual training plans from over 50 sports and discover new activities they are passionate about. Lastly, we share a common vision: helping people lead a more active and healthier lifestyle.   GBC AG: Can you elaborate on how the collaboration with ACISO helps integrate EasyMotionSkin's EMS offerings into fitness studios, and what long-term goals do you pursue with this cooperation?   We are intensifying our collaboration with the consulting company ACISO, which specializes in fitness and health. The goal is to enable the integration of attractive EMS offerings into the service spectrum of fitness studios alongside on-site training. ACISO fitness studios will soon receive a tailored offering from EasyMotionSkin. This allows fitness studio members to train easily, quickly, and efficiently at home, regardless of studio visits. The compact EMS training device from EasyMotionSkin, for example, can also be used while traveling or in daily work life. This way, training is independent of club visits and can be perfectly adapted to individual needs and requirements. With this holistic training approach, on-site training, tracking with wearables in everyday life, and highly efficient EMS training merge into a 'Connected Customer Concept.' The fitness studio member is continuously involved in advisory and support services and can simultaneously use innovative technologies like the EMS suit. The partnership allows the use of EMS services either as a membership or in a health subscription with optimized service modules bookable through the fitness center. During EMS training, all major muscle groups and deeper muscles are stimulated simultaneously using electrical impulses, making the training particularly effective. ACISO has an extensive network in the fitness and health industry. The company currently oversees 690 studios, has 150 franchise partners under the INJOY and FT-CLUB brands, and operates seven premium fitness clubs with 28,000 members.   Fitness studios can thus offer their members an even better fitness experience. With our high-tech products that enhance wellbeing and support training, we aim to create a comprehensive offering with ACISO's expertise, going beyond the usual training in a fitness studio. This 360-degree approach to training anywhere and anytime not only increases the members' health activities but also leads to a close bond with the studio. GBC AG: What types of strategic partnerships does EasyMotionSkin plan to develop in the future, and how do you select potential partners?   The health industry of the future needs innovation, system relevance, structured implementation possibilities, and know-how transfer at all levels. The development is moving away from a 'simple' studio membership to a health budget or health subscription with optimized service modules for the different lifestyle demands of individuals. We prefer partnerships that utilize synergies in the customer offering, increase market visibility, and, most importantly, share our vision of enabling people worldwide to lead healthier and fitter lives.   GBC AG: Thank you very much for the interview. You can download the research here: http://www.more-ir.de/d/29817.pdf Contact for questions GBC AG Halderstraße 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,6a,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 17.05.2024 (3:30 p.m.) Date (time) of first distribution: 21.05.2024 (10:00 a.m.) -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: Media and Games Invest SE - from GBC AG Classification of GBC AG to Media and Games Invest SE Company Name: Media and Games Invest SE ISIN: SE0018538068 Reason for the research: Research study (Anno) Recommendation: BUY Target price: 4.50 EUR Last rating change: Analyst: Marcel Goldmann, Cosmin Filker Financial year 2023 with solid operating performance finalised; Return to organic growth is expected for the 2024 financial year; Expansion of the digital advertising platform business should enable significantly profitable growth in future; Target price: € 4.50 (previously: € 4.50); Rating: BUY   According to its published business figures, the MGI Group achieved a solid sales performance in the past financial year 2023 despite a difficult environment and market situation, generating sales of € 321.98 million (PY: € 324.44 million). On a comparable basis, organic sales even increased by 5.0% compared to the previous year. A particularly high organic sales growth rate of 16.0% was achieved in the final quarter, which is traditionally the strongest quarter in terms of sales. The main contributors to this growth were the 18.9% increase in the software customer base to 2,276 customers at the end of the financial year (end of 2022: 1,915) and the 19.1% increase in the volume of digital advertising delivered to 206 billion (advertising ads at the end of FY 2022: 173.0 billion). The renewed improvement in MGI's market position in the mobile sector is also reflected in the market-leading positions on iOS and Android with a US market share of 12.0% on both platforms according to the industry experts at Pixalate. This means that the previously adjusted company guidance (sales of € 303.0 million) and our sales estimate (GBCe: € 303.21 million) were exceeded.   MGI achieved growth at all earnings levels, primarily due to the revaluation of the AxesInMotion earn-out payment liability (positive one-off effect of € 62.76 million). Accordingly, EBITDA increased dynamically by 51.6% to € 128.46 million (PY: € 84.75 million) compared to the previous year. Adjusted for special effects (e.g. M&A and restructuring costs or revaluations of balance sheet items), adjusted EBITDA (Adj. EBITDA) totalled € 95.20 million, which was slightly above the previous year's level (PY: € 93.20 million). The adjusted EBITDA margin (Adj. EBITDA margin) also increased to 29.6% (PY: 28.7%). This increase in profitability reflected the first positive effects of the cost-cutting programme initiated last year, which should enable annual cost savings of around € 10.0 million once successfully implemented. Accordingly, the adjusted earnings guidance (adjusted EBITDA: € 93.0 million) and our earnings estimate (adjusted EBITDA: € 93.07 million) were exceeded.   In view of a strong fourth quarter (organic growth Q4 2023: 16.0%) and an even stronger performance in the first quarter (organic growth Q1 2024: 21.0%), MGI's management is positive about the current financial year 2024 and expects double-digit growth and an improvement in the earnings situation. Based on the recent concretisation of the guidance with the publication of the Q1 business figures, MGI now expects sales revenues in a range of € 350.0 million to € 370.0 million and an adjusted EBITDA (Adj. EBITDA) of between € 100.0 million and € 110.0 million.   As part of the publication of our research study on the preliminary annual results for 2023, we adjusted our previous sales and earnings forecasts upwards due to the positive outlook, the increased (organic) growth momentum and the expected recovery of the advertising market. In view of their strong Q1 performance, their sustained high growth momentum and the confirmation of the positive outlook, we are confirming our previous sales and earnings estimates for the current financial year and subsequent years. Accordingly, we continue to expect sales of € 352.18 million and EBITDA of € 100.08 million for the current financial year 2024. For the subsequent financial years 2025 and 2026, we expect sales (EBITDA) of € 389.51 million (€ 113.35 million) and € 437.03 million (€ 130.67 million) respectively.   MGI recently announced its intention to change the company name to Verve. The media business is already operating under this name. The name change marks the successful completion of MGI's transformation into a leading digital media company. At the same time, plans were announced to expand the Board by one person and to appoint two new Board members with proven media expertise. Greg Coleman (USA) was President and Board Member at the Huffington Post, BuzzFeed and Criteo, among others, and Peter Huijboom (Netherlands) was CEO Global Media and CEO Global Clients at the advertising agency Dentsu. Both announcements reflect the clear focus on the further expansion of the advertising business, but are still subject to the approval of the Annual General Meeting.   Overall, the MGI Group should be able to significantly increase the pace of growth compared to the previous year thanks to its good market positioning (especially in the US market) and the expected recovery of the advertising market. Its innovative customer solutions (AI targeting solutions, etc.) in particular should make a significant contribution to boosting its customer base and ad tech platform revenue in the future.   Based on our unchanged forecasts for the current financial year 2024 and the following years, we have maintained our previous price target of € 4.50 (previously: € 4.50). In view of the current share price level, we therefore continue to assign a 'BUY' rating and see significant upside potential in the MGI share. The results of our peer group analysis (see p. 20) also support our assessment of the attractiveness and upside potential of MGI shares.   You can download the research here: http://www.more-ir.de/d/29777.pdf Contact for questions GBC AG Halderstrasse 27 86150 Augsburg 0821 / 241133 0 research@gbc-ag.de ++++++++++++++++ Offenlegung möglicher Interessenskonflikte nach § 85 WpHG und Art. 20 MAR. Beim oben analysierten Unternehmen ist folgender möglicher Interessenkonflikt gegeben: (5a,5b,7,11); Einen Katalog möglicher Interessenkonflikte finden Sie unter: http://www.gbc-ag.de/de/Offenlegung +++++++++++++++ Date (time) of completion: 16/05/2024 (8:20 am) Date (time) of first distribution: 16/05/2024 (11:00 am) -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.